Options strategy builder overview (2024)

Under controls, there is a panel with current values of the most parameters of a strategy.

Max Loss / Max Profit

Theoretically possible maximum loss and maximum profit values of a strategy. Learn more.

Win Rate

There are green segments on the risk profile chart, where strategy expires with profit, and red segments, where strategy expires with loss. Learn more.

Breakeven

Breakeven points are underlying instrument prices where the strategy has zero profit at expiration. Learn more.

Greeks

Values of Delta, Gamma, Vega, Theta, and Rho at the current moment for the selected strategy.

Values of the Greeks are summed for each position in the strategy. For example, in our strategy, we have 2 options with delta values of 0.66 and -0.22. The overall delta of the strategy will be 0.66 - 0.22 = 0.44. The same rule applies to all the Greeks.

Learn more:

• Delta
• Gamma
• Vega
• Theta
• Rho

Chart

The core thing. X-axis is an underlying instrument price. Left Y-axis shows a P&L of a strategy. The right Y-axis shows values of selected Greek (orange line).

You can zoom chart with the mouse wheel.

There are several lines on the chart:

Payoff profile or risk profile – green/red line

Shows the financial result of a strategy at expiration. Segments, where the line is green, are profitable at expiration.

P&L – blue line

Strategy P&L at the current moment depends on the underlying instrument price. Time decay brings this line to the payoff profile at expiration.

Greeks – orange line

Selector under the chart allows you to choose a Greek that will be displayed on the chart.

Options Board

This view shows a standard table representation of an option series data.

Columns

• Strike– strike price of a contract. Left to this column, there are data for call options, and right to the strike – columns for put options
• Bid/Ask– prices of the actual best bid and ask of an options
• Delta, Gamma, Vega, Theta, Rho– greeks of an option

Strategy legs highlights

Highlighted bids and asks denotes operations with legs of the selected strategy. If the ask is highlighted, this means that in this contract, we have a long position (we bought at a best-selling price). Otherwise, for short legs, we sell them at the best buying price. Thus best bid column sell is highlighted.

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